Silver hits record high at Rs 50,500, gold scales new peak

New Delhi, Feb 24 (PTI) Silver crossed the coveted Rs50,000 per kg mark today by rising Rs 1,200 to Rs 50,500 perkg, while gold surged to an all-time high of Rs 21,240 per 10grams, an increase of Rs 300 from its previous close, on briskbuying by jewellers for the ongoing marriage season.

Trading sentiments turned bullish for the yellow metal asit fluctuated near a seven-week high in global markets onconcerns that tensions in Libya and the Middle East and highinflation will boost demand for the metal as a safe haven.

In global markets, gold rose by USD 12.70 to USD 1,411.70an ounce and silver to its highest in 31 years by 1.45 percent to USD 33.54.

Besides, hectic buying by jewellers and retail customersfor the ongoing marriage season and investors shifting fundsfrom equity to bullion, further bolstered the tradingsentiments.

On the domestic front, gold of 99.9 and 99.5 per centpurity surged by Rs 300 each to Rs 21,240 and Rs 21,110 per 10grams, respectively. Sovereign followed suit and shot up byRs 200 to Rs 17,200 per piece of eight grams.

With the all-round buying, silver ready zoomed by Rs1,200 to Rs 50,500 per kg and weekly-based delivery by Rs1,520 to Rs 50,650 per kg.

Silver coins also surged by Rs 700 to Rs 54,600 forbuying and Rs 54,700 for selling of 100 pieces.